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The launch of the Binance Tax product in France has tagged a stepping stone for the service that will soon be made available in other countries around the world.
The Binance exchange, the world’s largest crypto brokerage firm by trading volume, has announced the launch of its Binance Tax product to help simplify the process of filing tax returns for its customers. Per a Press Release shared with Coinspeaker, the Binance Tax tool will first be available to customers in France before it is eventually rolled out to other customers globally.
Binance Tax was birthed as a result of a long-standing request from the exchange’s users. According to the trading platform, the new tool will allow its users to download a report showing the tax summary from any gains or losses they have made with Binance.
Taxation in the digital currency ecosystem remains one of the most complicated conversations in the industry today. Despite many jurisdictions not officially recognizing cryptocurrencies, extant tax laws make it mandatory for those involved in the space to file their tax returns accordingly.
With crypto technology still in its infancy, the process of filing accurate tax returns based on trading activities on exchanges is now very difficult. This is one of the major challenges Binance Tax is set to address for all of its users. The trading platform said users in supported jurisdictions can log in to their accounts to access the product.
Once logged in, users will need to navigate to the tax section and select an option from ‘Realized Capital Gains’, ‘Income Gains’, or ‘Transactions’. Once done, this will automatically generate a downloadable tax report, with a summary of any gains or losses for the period of time chosen.
This tool is designed to make every Binance user compliant with local tax regulations. With this support, the exchange is hoping the process and lack of interest on the part of its users will be eliminated.
Binance Tax in France: a Conduit for Global Rollout
The launch of the Binance Tax product in France has tagged a stepping stone for the service that will soon be made available in other countries around the world. While the trading platform affirmed that the tool is still undergoing strategic developments, the firm is committed to hearing feedback to make the service better.
“We’re always looking at how we can build products to make our customers’ lives easier and that often means listening and reacting directly to user feedback,” said Mayur Kamat, head of product at Binance. “We heard that our users wanted an easier way to be able to see and understand their taxes, so we’re excited to bring this new, free-to-use tax tool to our community, starting in France.”
According to the trading platform, the Binance Tax service has a lot of limitations for now. These limitations include the inability to integrate with other wallets or platforms. However, the firm said it will look at adding this feature and other beneficial ones in the near future.